Sanders: Trump tax plan is 'morally repugnant and bad economic policy'

Sanders: Trump tax plan is 'morally repugnant and bad economic policy'
© Greg Nash

Sen. Bernie SandersBernard (Bernie) SandersDe Blasio headed to Iowa to speak at political fundraiser Yes, spills happen — but pipelines are still the safest way to move oil Why sexual harassment discussions include lawmakers talking about Bill Clinton’s past MORE (I-Vt.) ripped President Trump's proposed tax framework on Wednesday, calling it "morally repugnant."

"At a time of massive wealth and income inequality, President Trump's tax plan is morally repugnant and bad economic policy. The last thing we should be doing right now is providing hundreds of billions in tax breaks to the wealthiest people and most profitable corporations in this country," Sanders said in a statement. 

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"It is particularly obscene to repeal the estate tax that would provide a $269 billion tax break to the top 0.2 percent. Instead of giving more tax breaks to billionaires who don't need it, we should be doing everything we can to rebuild the disappearing middle class," he added. 

Republicans say they are aiming to simplify the tax code, provide tax relief for the middle class, and make American businesses more competitive with foreign competitors. 

The Republican-backed framework would cut the top tax rate for wealthy Americans, while slashing taxes for businesses and eliminating most itemized deductions. 

Trump will promote the long-awaited tax plan on Wednesday afternoon at a rally in Indiana. 

Republicans are scrambling to gain a major legislative victory after failing over the past nine months to repeal and replace ObamaCare. 

Senate Finance Committee Chairman Orrin Hatch (R-Utah), however, said on Wednesday that the chances of Republicans passing tax reform are slim without working with Democrats. 

"It's tough to do. We're so equally divided that it’s going to be almost impossible to do without some Democratic help and I’m hopeful that we can do that," Hatch told Maria Bartiromo on Fox Business Network's "Mornings with Maria."